Last updated 2 weeks ago
Builders require the same accurate and reliable data feeds (e.g. ADA / USD), but custom decentralized oracle price feeds are expensive and in-house solutions lack the focus of a dedicated solution
This is the total amount allocated to CHARLI3 - Off-Chain & CNT Price Feeds (Community feed expansion). 2 out of 5 milestones are completed.
1/5
Hire front-end developer and create designs for DAO/FORUM/Website
Cost: ₳ 45,000
Delivery: Month 1 - Apr 2024
2/5
Implementation of design from milestone 1
Cost: ₳ 90,000
Delivery: Month 2 - May 2024
3/5
Launch a total of 25 new price feeds
Cost: ₳ 75,000
Delivery: Month 4 - Jul 2024
4/5
Maintain services for extended period of time
Cost: ₳ 30,000
Delivery: Month 5 - Aug 2024
5/5
Submit Close-out Report and provide estimated length that the funds will supply current feeds
Cost: ₳ 60,000
Delivery: Month 6 - Sep 2024
NB: Monthly reporting was deprecated from January 2024 and replaced fully by the Milestones Program framework. Learn more here
Priority 1: Provide 30-50 FREE oracle network price feeds through our existing Charli3 ecosystem, all in 2-3 months.
Priority 2: Create DAO to determine what feeds the ecosystem wants to launch.
For delivering the price feeds in the proposal, our team has no dependencies. The Charli3 launched the ADA/USD price feed in October 2022. In Q4 2024, we are 10x our price feeds and with this proposal funding we plan to get to as many as 50 active free feeds.
For implementing a DAO mechanism, we will be using the solution provided by Clarity DAO: https://clarity.community/ . Clarity has built the DAO platform to allow us to easily implement this feature much faster than we could ourselves, expediting the implementation of these subsidized feeds for community and builder use.
In general, the Charli3 team is supported by and dependent on
MLABS - development
METALAMP - development
And several other contractor teams....
These contractors may be involved in the building, upgrading, and maintaining our decentralized node software while also creating and implementing these new data feeds. However, our in-house development team are currently the only resources allocated for delivering the price feeds.
For clarification, this proposal is to provide more free data through our existing solution: Charli3 is a decentralized oracle solution with active price feeds, a network of nodes, and an architecture native to Cardano that has been active since October 2022. We will simply be using our existing product, the C3 Ecosystem, to launch new C3 Networks (node networks parameterized to deliver specific data on-chain).
Example of our current solution active since Oct 2022 (1000s of successful data deliveries on-chain with 100% uptime): https://cexplorer.io/address/addr1wyd8cezjr0gcf8nfxuc9trd4hs7ec520jmkwkqzywx6l5jg0al0ya/tx#data
====================================
The price feeds will be freely available to anyone.
====================================
In order to consume any of the planned price feeds, our datum standard is open source and available here: https://docs.charli3.io/charli3s-documentation/summary
Charli3 Core Product is Closed Source: To protect the security of our node network our back-end code and infrastructure for the C3 Networks remains private.
What is open sourced?
DAO Context: For this particular expansion of our community feeds. Access to vote in our DAO is open and inclusive to any public member. Proposals to request data feeds is also open to any member of the public. Note less than 30% of the funds will go towards the DAO component.
The management of the price feeds will be done by the Charli3 lab. Some parameters of the feed will be restricted to protect the community from overusing funds or breaking the economics of a feed. For example, setting a deviation check to 0.01% may trigger 100s or 1000s of price updates per hour causing funds to drastically be used. Likewise, decreasing node rewards may decentivize our node networks from supplying the feed. As we launch more feeds, our goal is to slowly shift more of the control over to the community DAO.
Restated:
For clarification, this proposal is to provide more free data through our existing solution: Charli3 is a decentralized oracle solution with active price feeds, a network of nodes, and an architecture native to Cardano that has been active since October 2022. We will simply be using our existing product, the C3 Ecosystem, to launch new C3 Networks (node networks parameterized to deliver specific data on-chain).
Example of our current solution active since Oct 2022 (1000s of successful data deliveries on-chain with 100% uptime): https://cexplorer.io/address/addr1wyd8cezjr0gcf8nfxuc9trd4hs7ec520jmkwkqzywx6l5jg0al0ya/tx#data
Our solution is twofold:
PRICE FEEDS (2):
This proposal is a continuation of two previous funding rounds. It is important to note that 90% of that funding is still available. Instead of releasing 20+ feeds in 2023 with unknown demand, our team made a business decision to delay launch of our feeds until we clearly understood the demand from the ecosystem on what feeds would help builders the most. Additionally, our ADA/USD flagship feed has been live on mainnet with 99.99999% uptime. Our team has been able to battletest our solution for quite some time. We are confident in our solution, alert and monitoring solutions, and overall management of node networks that adding 30+ price feeds in 2 months is entirely feasible. All we need is some additional funding and input from the public on what you might want.
The funds from this proposal will be added to our current coffers. Charli3 has added USD$90,000 to this fund already.
RE: "You already received funding, why do you need more? Where are the feeds?"
As state above, 90%+ funding is still available and we delayed launch to correspond with ecosystem demand. We intend to launch feeds every week starting in Dec 2023 and this proposal extends how long those feeds stay up and how many are available.
In fact, it takes our team several hours to launch a feed (although organizing a node network takes more time). We can easily launch new feeds. In fact, as of Dec 5th 2023 our team is in the process of launching 3 price feeds a week. Popular CNTs to ADA pairs (BTC/ETH/CHF/ETC...).
====================================================================
With the proposed amount, we will likely be able to provide 30+ price feeds in Q1 of 2024 and provide them for at least 12 months. Without the funding, we will likely need to reduce the amount of feeds available.
=====================================================================
Review our fund wallet here:
DAO with Forum (2)
The challenge with managing these funds is determining what price feeds the Cardano community needs most. We currently only receive a small subset of the community: well funded and successful protocols and whales who want secure feeds on their desired protocols requesting very specific data feeds. In December 2023, we will begin launching some of these requested feeds. Although we conducted a twitter survey and questioned 25+ protocols in the community, we feel we can do better to determine the consensus of the ecosystem.
Our solution is to create a Clarity DAO that is public / free-to-join. Next, we will need to create a forum for users to communicate and be made aware of changes to the community feeds. That includes votes to determine what 1) what price feeds launch 2) parameter changes to current feeds 3) removal of current price feeds 4) review of fund management. Charli3 has funds available, but we want the community to step in to direct how they are used. In order to manage a forum and the DAO we will need team members and integrations.
We will need a front-end developer to create a front-end forum with voting capabilities. Likewise, we will need to hire a dedicated moderator to support users. Setting up the DAO is a relatively simple process as we can work directly with the Clarity team. Integrating the DAO results to changes to our community feeds and more directly the oracle on-chain contract parameters will require an intermediary team member to execute the DAO's plans. Proposals to be voted on by the DAO must be created and presented by the Charli3 lab team as well.
In summary,
Charli3 team's Track record:
We like to think our track record of building consistently since April 2021 speaks for itself. The ADA/USD price feed on mainnet has been live since October 2022 and up 99.99999% since then (View our flagship feed).
Our core solution passed a level 2 audit by CertiK.
It was one of the first solutions on Cardano audited by the CertiK team. Charli3 launched one of the first smart contracts after the capability was upgraded on mainnet. Our core architecture is native to Cardano and we are the first decentralized oracle solution built on Cardano.
At our peak our team consisted of 25+ team members. During the bear market, we've greatly reduced our team with intentions to scale up in 2024. The current development team consists of three core members and three contracting teams with 1-4 members each. Charli3 currently has around 15 dedicated members.
We have partners with industry leading development teams like Metalamp, Mlabs, and previously Plank.
DAO:
Charli3 is an established team with a good relationship with the Clarity team. We can easily set up a custom solution with Clarity to meet our needs. Additional funding from the proposal will go towards marketing the DAO. We will need to hire a moderator (approx. 500 monthly) to do some light work managing the user database, DAO access, and customer support.
In order to validate our approach, we need to keep an eye on number of active users in the DAO. Any number lower than 100 means we need to re-evaluate our approach and method for getting community input.
Month 1-3:
Key deliverables:
3-6 months
Key deliverables:
6-12 months:
USE at least 30% of the funding for new price feed launches** unless dao votes against using those funds
Key Deliverable:
12+ months:
Be in a position to extend the offering for another 12-24 months for all current running feeds. We will strive as a company to keep the community price feeds alive for as long as possible. Success is a long term community service that is constantly expanding in quality and quantity of feeds.
Charli3 team: https://charli3.io/team
Project Lead: Robert
DAO: Driven and delivered by Damon
Price Feeds: Deep will be handling the technical side
Support: Metalamp and Mlabs, as needed
Breakdown of funding use:
Proposed amount: 295,000 ADA
Costs for Price Feeds
Funds to be received: USD$90,000 in ADA
Standard Crypto feed:
Note: this is for a standard crypto data feed and does not reflect custom feed pricing, especially with exotic data
Cost variability due to the following factors:
DAO
Funds to be received: USD$30,000 in ADA
Approx cost: USD$33,000
===========================================
ESTIMATED Deliverables:
30+ price feeds launching all in 9 weeks. Maintained for at least 12 months. DAO created and maintained in first 2 months.
=============================================
Overall this project aims to serve the Cardano community on multiple levels. This saves projects in the Cardano ecosystem hundreds of thousands of dollars in oracle operations fees, lowers the ecosystem risk to centralized data operations, and allows more projects to come online faster with more security.
The DAO mechanism to community vote to manage the creation and existence of these feeds also plays into an overarching community intelligence of the most beneficial data for the ecosystem projects building, aiding to the decentralized goals of Cardano.